I. Getting good grades and test scoresII. Identifying colleges that are good fitsIII. Determining what your potential college costs and financial/ merit aid resources will be IV. Other considerations, including colleges that are known for offering the most merit aid

financial aid basics

DEFINITION OF FINANCIAL AID: According to Kantrowitz and Levy's Filing the FAFSA, "Financial Aid is money given, earned or loaned to help pay for college. [It] can come from federal and state governments, colleges, businesses, and private and social organizations." Just so you know, Filing the FAFSA is by far the best FAFSA resource available. You can purchase the book, but it is also available as a free download here.

DEFINITION OF MERIT AID: MeritAid.com defines Merit Aid as "...the general term for grants, scholarships and discounts that a college awards to an admitted student without regard to financial need. Merit aid may be based on academic or athletic achievements, special talents such as music, where the student lives or other demographic characteristics." These grants are usually offered to students who show academic promise AND they do not have to be paid back!

FAFSAwww.fafsa.ed.gov
There are two major channels that colleges use to determine how much financial aid they give to students. One channel is the Free Application for Federal Student Aid (FAFSA), a financial aid form provided by the federal government that is required by most public colleges and universities from students seeking scholarships, grants, loans or work-study jobs.

3 Easy Steps to filing the FAFSA
On YouTube, St. Edwards University tells you exactly what to do to fill out the FAFSA:

CSS PROFILEwww.profileonline.collegeboard.com
The other channel is the CSS PROFILE, a financial aid form provided by the College Board and required by many private colleges for students seeking financial aid.

planning for the financial costs of college

Many parents want to know how to plan for the financial aspect of college admissions. To this end, the U.S. Department of Education has a new, simplified version of the FAFSA (Free Application for Federal Student Aid) that helps families get a preview of the financial aid for which they might be eligible. Their site also offers advice on how to pay for college.By the way, it is offered both in English and Spanish. Go to: www.fafsa4caster.ed.gov

FinAid.org
Offers different financial calculators to help you figure out:

WARNING: There are many financial aid and scholarship websites available these days, but one has to be very cautious about using them. There are many scams. One way of sorting out who is legitimate and who is not is whether they charge a fee for their services. Watch out if they do.

Stafford LoansPart of the William D. Ford Federal Direct Loan, U.S. Department of Education, information about how to apply for subsidized and unsubsidized loans.

financial aid form timelines

College Financial Aid Forms
Most colleges have their own financial aid forms that students must complete. These forms are often due before actual application deadlines, many in December. You can find out what these deadlines are on each admissions website of the colleges to which you are applying.

FAFSA Forms
You and your parents can complete the FAFSA form after January 1 of your senior year.

PROFILE Forms
You and your parents can complete the PROFILE form anytime during the fall of your senior year.

myths about financial aid

The SallieMae College Answer website offers unusually sage advice about student financial aid, including debunking the major myths. Go here to find why the following statements are simply wrong:

Myth #1: My family's income is too high to qualify for financial aid

Myth #2: My parents saved for my college education, so we won't get any aid.

Myth #3: My sister wasn't eligible last year, so this year I won't be eligible either.

Myth #4: I plan to attend college part time, so I won't be eligible for financial aid.

Many parents ask for good books about financial aid. Here is a list of books that National Association for College Admissions Counseling (NACAC) professionals recommend on their listserv. They are also all five star recommended books on amazon.com:

• A Parent's Guide to Financial Aid
• How to Apply
• Understanding Award Letters and Communicating with Colleges
• The Government Formula for Distributing Aid
• The Difference between a Stafford Loan and a Pell Grant

Just in case you want to know, the National Association for College Admission Counseling (NACAC) is a professional association made up of 11,000 college admissions professionals around the world who are in college admissions offices, serve as high school counselors in private and public high schools and are independent admissions counselors offering private admissions consultation.

If you want to know more about this and other admissions topics, readadMISSION POSSIBLE®: The DARE TO BE YOURSELF Guide for
Getting into the Best Colleges for you. Order it here!

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